Amer Sports reported a 15% decrease in fourth quarter sales to 497.1 million ($720.0 mm) from 581.6 million ($750.0 mm) for the year-ago period. EBIT amounted to 53.7 million ($77.8 mm) before non-recurring expenses to the amount of 42.7 million ($61.9 mm) resulting from the reorganization of the Winter Sports Equipment business were recorded for the period. Earnings per share were 0.02 (3 cents) (0.47 (68 cents) exclusive of the non-recurring items).
The company said its Q4 and full-year EBIT fell clearly short of target due to the 28% drop in winter sports equipment sales.
For 2008, net sales are expected to increase approximately 5% in local currencies. EBIT is estimated to amount to 100 million to 130 million, with earnings per share coming in at 0.75 to 1.00. These estimates are based on a dollar-euro exchange rate of $1.47.
| Q4/ 2007 | Q4/ 2006 | Change % | 2007 | 2006 | Change % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 497.1 | 581.6 | -15 | 1,652.0 | 1,792.7 | -8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 202.2 | 220.4 | -8 | 664.4 | 697.4 | -5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before non- recurring items | 53.7 | 69.7 | -23 | 92.2 | 120.2 | -23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recurring items | -42.7 | – | | -42.7 | – | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT | 11.0 | 69.7 | -84 | 49.5 | 120.2 | -59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing income and expenses | -9.3 | -5.3 | -75 | -24.9 | -23.6 | -6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before taxes | 1.7 | 64.4 | -97 | 24.6 | 96.6 | -75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net result | 1.3 | 47.0 | -97 | 18.5 | 70.5 | -74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amer Sees Winter Sports Weakness Drag Q4, 2007 ResultsAmer Sports reported a 15% decrease in fourth quarter sales to 497.1 million ($720.0 mm) from 581.6 million ($750.0 mm) for the year-ago period. EBIT amounted to 53.7 million ($77.8 mm) before non-recurring expenses to the amount of 42.7 million ($61.9 mm) resulting from the reorganization of the Winter Sports Equipment business were recorded for the period. Earnings per share were 0.02 (3 cents) (0.47 (68 cents) exclusive of the non-recurring items). For the full year, net sales decreased 8% to 1.65 billion ($2.26 bn) from 1.79 billion ($2.25 bn) last year. In local currency terms, sales were down 4%. EBIT decreased 23% to 92.2 million ($126.4 mm) before the non-recurring items booked in Q4. Earnings per share amounted to 0.25 (34 cents) or 0.70 (96 cents) excluding the non-recurring items. The company said its Q4 and full-year EBIT fell clearly short of target due to the 28% drop in winter sports equipment sales. For 2008, net sales are expected to increase approximately 5% in local currencies. EBIT is estimated to amount to 100 million to 130 million, with earnings per share coming in at 0.75 to 1.00. These estimates are based on a dollar-euro exchange rate of $1.47.
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